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Financial News: U.S. Private Sector Employment Jumps Much More Than

U.S. Private Sector Employment Jumps Much More Than Expected In August

09/05/2019 - 08:48:00 (RTTNews)

(RTTNews) - Private sector employment in the U.S. jumped by much more than expected in the month of August, according to a report released by payroll processor ADP on Thursday.

The report said private sector employment surged up by 195,000 jobs in August after climbing by a downwardly revised 142,000 jobs in July.

Economists had expected employment to increase by about 149,000 jobs compared to the addition of 156,000 jobs originally reported for the previous month.

"Businesses are holding firm on their payrolls despite the slowing economy," said Mark Zandi, chief economist of Moody's Analytics. "Hiring has moderated, but layoffs remain low. As long as this continues recession will remain at bay."

The stronger than expected job growth came as employment in the service-providing sector spiked by 184,000 jobs amid notable increases in healthcare/social assistance and leisure/hospitality jobs.

Employment in the goods-producing sector showed a much more modest uptick of 11,000 jobs, as construction and manufacturing jobs edged higher.

The report said mid-sized businesses added 77,000 jobs, while employment at small and large businesses rose by 66,000 jobs and 52,000 jobs, respectively.

"This is the first time in the last 12 months that we have seen balanced job growth across small, medium and large-sized companies," said Ahu Yildirmaz, vice president and co-head of the ADP Research Institute.

On Friday, the Labor Department is scheduled to release its more closely watched monthly jobs report, which includes both public and private sector jobs.

Employment is expected to increase by 158,000 jobs in August after climbing by 164,000 jobs in July, while the unemployment rate is expected to hold at 3.7 percent.

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